Pune, India, Jan. 27, 2022 (GLOBE NEWSWIRE) -- The global temperature monitoring system market size is expected to reach USD 4.71 billion by 2028 from USD 2.19 billion in 2021, exhibiting a CAGR of 11.5% during the forecast period. The surging demand for these monitoring system coupled with technological advancements in thermometers can have a tremendous impact on the market growth in the forthcoming years, states Fortune Business Insights, in a report, titled “Temperature Monitoring System Market, 2021-2028.” The market size stood at USD 1.66 billion in 2020.
Notable Development:
October 2020 – Masimo introduced Radius To Continuous Thermometer. The innovative wearable and wireless thermometer can record the body temperature continuously and send notifications on the user’s smartphone.
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Introduction of Cutting-edge Temperature Monitoring Devices to Enable Expansion
The expansion of this market has been aided by rising demand for temperature monitoring devices throughout the world, particularly during the Covid-19 epidemic. Several firms have produced digital thermometers for precise and reliable body temperature readings in response to the rising demand for such devices. These devices are equipped with cutting-edge technology that prevents fluctuating readings and reduces mistakes, and improved user interfaces. During the forecast period, such advancements are expected to boost the thermometers market. Xiaomi, for example, announced the release of a new non-contact infrared thermometer in February 2020. With a measurement precision of 0.2 degrees, the gadget can take a temperature reading in less than a second.
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Presence of Prominent Companies to Incite Development in North America
In 2020, the North American market was worth USD 0.81 billion. The rising frequency of COVID-19 cases across the area has led to the adoption of these monitoring systems, resulting in the region's dominance in the temperature monitoring system market share. According to research published by the Centers for Disease Control and Prevention (CDC), about 3.8 million confirmed COVID-19 infections were reported in the United States in July 2020. Furthermore, the presence of major companies in the region will enhance product sales even further. Because of increased financing for clinical trials in Europe, the market is expected to develop significantly. Moreover, because people are becoming more aware of the benefits of temperature monitoring systems, the market in Asia Pacific is anticipated to develop at a substantial CAGR.
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Companies Emphasize on Non-contact Thermometers to Strengthen Position
Due to the broad product range of temperature monitoring system manufacturers and the impressive distribution network of big firms in established and emerging nations. Furthermore, throughout the pandemic, the number of firms focused on introducing non-contact thermometers has increased dramatically, resulting in the availability of a variety of brands. This has resulted in a higher rate of product uptake by the general public, resulting in more income. As a result, the leading players are concentrating their efforts on the development of sophisticated temperature monitoring systems.
The Report Lists the Key Companies in this Market:
- Koninklijke Philips N.V. (Netherlands)
- Masimo (U.S.)
- Omron Healthcare (Japan)
- Geratherm (Germany)
- Braun Healthcare (Germany)
- A&D Company Ltd. (Japan)
- Toshiba Inc. (Japan)
- 3M (U.S.)
- Exergen Corporation (U.S.)
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